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2024 COLA INCREASES FOR MEDICAID, SOCIAL SECURITY, MEDICARE, TAX AND VETERANS BENEFITS

by Thomas D. Begley, Jr., Esquire, CELA             Many public benefits and tax numbers are indexed to inflation.  Different agencies use different inflation factors, but Social Security used 3.2 for increasing the numbers for 2024.  Below is a chart that states numbers for the following: Medicaid, Social Security, Medicare, Tax, Veterans Aid and Attendance and Veterans…

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10 THINGS YOU NEED TO KNOW ABOUT ABLE ACCOUNTS

by Thomas D. Begley, Jr., Esquire, CELA   On December 16, 2014, Congress enacted and sent to the President for signature an Act known as Achieving a Better Life Experience (ABLE) Act of 2014.[1]  This Act is to provide a tax-favored account, similar to a 529 Plan, for individuals with disabilities to pay for qualified…

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MILLER TRUSTS

by Thomas D. Begley, Jr., Esquire, CELA For purposes of Medicaid long-term care services, New Jersey has always been an income cap state.  That means that an individual’s income must not exceed 300% of the Federal Benefit Rate (FBR).  Beginning January 1, 2024, that means that an individual’s monthly income cannot exceed $2,829.  Historically, individuals…

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USING ANNUITIES IN MEDICAID PLANNING

by Thomas D. Begley, Jr., Esquire, CELA and Marianne Johnston, Esquire Medicaid Planning             The use of annuities in Medicaid Planning is a viable Medicaid Planning strategy.  Long-term care is expensive and one of the best ways to pay for it is through Medicaid.  Medicaid limits the countable assets of the individual Medicaid recipient to…

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